Apartment developers are building markedly bigger units as the multifamily building industry adapts to changing post-pandemic renter preferences.
After more than 10 years of shrinking footprints, 36% of new builds in 92 markets across the country are building bigger apartments than ever, according to a RentCafe analysis of Yardi Matrix data. Most of those are upsizing two-bedroom units, which are increasing by nearly 50 square feet on average. Three-bedroom apartments are increasing by an average of 105 square feet.
"The pandemic and work-from-home has made people more conscious of the space in which they live and work," Doug Ressler, manager of business intelligence at Yardi Matrix, told RentCafe. "The pandemic has significantly accelerated issues on designers' minds well before 2020. These issues involve the rise of the home as a workspace, and a deeper emphasis on health and well-being."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
